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For $79, PowerUp Engineering will sell common stock to the general public. The anticipated dividend is $3.57 per share, and the predicted dividend growth is

For $79, PowerUp Engineering will sell common stock to the general public. The anticipated dividend is $3.57 per share, and the predicted dividend growth is 4%. What is the cost of external equity (in percent) if the flotation cost is 11% of the issue's gross proceeds?

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